Naira weakened from N475 to N480
Recall that the currency weakened from N475 to N480/$1 in the black market on Tuesday afternoon, with many traders blaming the depreciation to the recent raid of Bureau De Change operators in Lagos and Abuja by operatives of the Department of State Securities (DSS)
A top BDC operator said on the condition of anonymity: “They now come regularly to locations where these people usually operator from. About five of them (DSS operatives) recently visited this area but they didn’t come into the offices of licensed BDCs. They are targeting the unlicensed and illegal operators. But everybody is careful now. You only deal with people you know except where they have their documentation. The only problem is that it is difficult to get the exchange rate that reflects the true position of the market. People quote different rates depending on the person they are dealing with and the source of the dollar. That is how we now operate.”
But according to the Central Bank of Nigeria (CBN), the Naira has lost about 85% of its value in the last two years and there is a need for risks managers in banks to be on top of their job because of the risks facing the banking sector
A top BDC operator said on the condition of anonymity: “They now come regularly to locations where these people usually operator from. About five of them (DSS operatives) recently visited this area but they didn’t come into the offices of licensed BDCs. They are targeting the unlicensed and illegal operators. But everybody is careful now. You only deal with people you know except where they have their documentation. The only problem is that it is difficult to get the exchange rate that reflects the true position of the market. People quote different rates depending on the person they are dealing with and the source of the dollar. That is how we now operate.”
But according to the Central Bank of Nigeria (CBN), the Naira has lost about 85% of its value in the last two years and there is a need for risks managers in banks to be on top of their job because of the risks facing the banking sector
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